Swipe network to launch DeFi lending protocol, SXP/USDT suffers two straight bearish days

Swipe, a digital asset wallet and debit card platform, has recently announced that it will launch a decentralized lending and borrowing application called SwipeFi. Swipe is a payment protocol that enables real-time cryptocurrency-to-fiat conversions for wallet, debit card and issuance services.

Swipe uses a digital wallet for users to store, deposit and withdraw their digital assets. This wallet also connects to a Visa debit card called Swipe Card. Customers can use Swipe’s native token SXP for paying transaction fees and as a medium of exchange when making debit card payments. 

SwipeFi users can deposit Binance Chain tokens as collateral and earn interest. The app also allows users to borrow against their collateral. According to the announcement, SwipeFi will be “bringing a complete lending/earn protocol using the battle-tested open-source protocols, such as Compound, to Binance chain.” 

SwipeFi protocol will also be utilizing a Binance Chain BEP2 token dubbed Swipe Governance Token (SGV) to vote on proposals and governance decisions. The firm has stated they will release the SwipeFi whitepaper and governance details by August 10, 2020. It is planning to launch a testnet in September.

SXP/USDT daily chart

SXP/USDT fell from 1.846 to 1.812 this Wednesday as it continues to consolidate in a pennant formation. The bears will want to take the price below the 1.76 and 1.628 support levels. On the upside, we have strong resistance levels at 1.925 and 2.031.